Islamabad. December 13 (APP): The Federal Cabinet has given formal approval to sign the final deal of Rekodic project and has also given formal permission to the officials of the Ministry of Petroleum and other ministries, as a result of which 15 In December, Recodec will finalize the deal and the settlement agreement will be finalized.
According to a statement issued by the Prime Minister's Media Wing, the meeting of the Federal Cabinet chaired by the Prime Minister was held on Tuesday at the Prime Minister's House, Islamabad. In his opening remarks, the Government of Pakistan will ensure the protection of the rights of investors in all other investment projects including Recodec project and all the promises made to them will be fulfilled.
The Federal Cabinet approved the Recodec project funding plan approved in the December 11 meeting of the Economic Coordination Committee. The Federal Cabinet has officially approved the signing of the final deal of the Recodec project. In this regard, the cabinet has also given formal permission to the officials of the Ministry of Petroleum and other ministries, as a result of which the final signing of this deal will be done on December 15 and the agreed agreement will be completed.
The meeting was told that a presidential reference was filed under Article 186 of the Constitution for a legal opinion on the final restructuring agreements of the Recodec project. The Supreme Court gave its opinion on 9 December 2022 that the process of restructuring the Recodec project was transparent and the agreements signed in this regard They are being done in accordance with the law. The Federal Cabinet was told that the opinion of the Supreme Court has already been taken regarding the Foreign Investment Promotion and Protection Bill 2022 Amendment Act being discussed in the Parliament.
The Federal Cabinet has approved the signing of the final agreements for the reorganization of Recodec project on the recommendation of the Petroleum Division. In this regard, the Federal Cabinet has directed the Secretary/Additional Secretary Petroleum Division under the Rules of Business 1973 on the said agreements from the Government of Pakistan. The Federal Cabinet also approved the signing of the Regulatory Framework for State Owned Enterprises (SOs) and their Special Purpose Vehicles, Government of Balochistan Special Purpose Vehicles and Recodec Project Company regarding the restructuring of Recodec.
The Cabinet was told that it was agreed by the coalition parties that the legislation was to the extent of the Recode project. In this regard, a 5-member committee of the cabinet was formed to remove some legal obstacles, which includes Finance Minister Ishaq Dar, Commerce Minister Syed Naveed Qamar, Economic Affairs Division Minister Sardar Ayaz Sadiq in addition to Law Minister. The Cabinet Committee will hold talks with the leaders of the coalition parties and take them into confidence and address their concerns. It was decided that the amendment will be done in consultation with the concerned parties.
